Interested in starting or expanding your Fintech business into Hong Kong? As Asia’s key Industrial and Financial hub, Hong Kong has been an important conduit to mainland China for decades. As a result of this power, nearly every global bank has a presence in Hong Kong. Now, the Hong Kong Monetary Authority (HKMA) has announced the issuance of the very first virtual banking licenses, making Hong Kong even more essential in the scope of innovation in financial services and Fintech.
Norman T.L. Chan, Chief Executive of the HKMA, made the announcement saying; “The introduction of virtual banks in Hong Kong is a key pillar supporting Hong Kong’s entry into the Smart Banking Era. It is a major milestone in reinforcing Hong Kong’s position as a premier international financial centre. I believe that virtual banks will not only help drive FinTech and innovation, but also bring about brand new customer experiences and further promote financial inclusion in Hong Kong.”
What does this mean for your company?
Good News! Hopefully less red tape and a more efficient process in the banking arena as well as an enormous growth in crucial innovation and resources. Including the addition of digital payments, blockchain development, virtual banking, insurtech and more. The Hong Kong government is making a significant commitment to propelling sector growth, with a 2018 budget pledge to earmark HK$10 Billion (approximately USD $7.8 billion) to the development of financial services and Fintech over the next five years. Have any other governments done the same?
It’s a safe bet that investing in a business expansion or startup in Hong Kong will be beneficial for both parties, as Hong Kong begins its rise into becoming a global Fintech Hub.
Primasia Corporate Services is a leading professional provider of corporate services, with over 30 years of experience assisting companies in expanding their business to Asia, particularly in Hong Kong, China, and other offshore jurisdictions. When you are ready to set up your ecommerce business or startup in Hong Kong and/or China, contact Primasia to get started. Whatever your requirements, we can help you succeed!
Connect with Primasia Corporate Services Limited
Hong Kong Headquarters: Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong
Website: https://www.primasia.hk/
Twitter: https://twitter.com/PrimasiaHK
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